Power conversion systems convert input electrical power from one form to another for driving a load. Current source converter (CSC) type drives typically include a current source rectifier (CSR) to selectively switch AC input power to create a DC link current that is fed to a current source inverter (CSI) to provide single or multi-phase AC output current for driving a motor load at a controlled speed and/or applications torque. Current source converters are often used for medium voltage applications (e.g., 2.3-13.8 kV) and provide certain advantages such as stability and direct output current control. However, certain applications require thyristors or other current source rectifier switches capable of withstanding high switching voltages, and the switching losses associated with the CSR switches generally increase with switching frequency. For medium voltage drives, a typical CSR switching frequency is about 500 Hz. In addition, current source converters often employ large DC link chokes having relatively long time constants. Accordingly, the dynamic performance of the current source rectifier is typically limited to about 200 Hz or less. In motor drive applications, moreover, the switching operation of the rectifier and current source inverter often employ multiple control loops, including a control loop for regulating the DC link current, as well as one or more motor control loops for regulating motor speed, torque, rotor flux, etc. Conventional multi-loop control approaches provide an inner DC link current control loop, with one or more outer loops for controlling the motor operating parameters. However, motor drive applications are increasingly requiring faster dynamic response to load changes, and/or speed or torque setpoint step changes, and the dynamic response of multiple-loop nested control architectures is limited by the dynamic limitations of the inner DC link current control loop. Accordingly, a need remains for improved current source converters and control techniques to provide higher dynamic operation in current source converters.